Egypt Raises Fuel Prices as Global Energy Pressure Mounts

Egypt has announced new fuel price increases ranging from 14% to 17%, as global energy markets face mounting pressure linked to escalating tensions in the Middle East.

In a statement released on Tuesday, the Ministry of Petroleum said the decision was driven by exceptional geopolitical developments affecting global oil and gas supplies, particularly the impact of the ongoing conflict involving the United States, Israel and Iran.

The move follows earlier warnings from Prime Minister Mostafa Madbouly, who said the government might resort to extraordinary economic measures if regional tensions continued to push global fuel prices higher.

Under the new pricing structure, diesel prices rose by 3 Egyptian pounds, increasing from 17.50 pounds to 20.50 pounds per litre. Gasoline prices also climbed, with 80-octane reaching 20.75 pounds, 92-octane rising to 22.25 pounds, and 95-octane increasing to 24 pounds per litre.

The increase comes as global oil and gas markets face disruptions in Middle Eastern energy exports, following attacks on shipping routes and energy infrastructure that have affected production in several countries.

Egypt has been progressively reducing energy subsidies as part of economic reforms backed by the International Monetary Fund (IMF). Since 2016, the government has implemented subsidy cuts while expanding social safety programmes under IMF-supported agreements, including an $8 billion loan programme approved in 2024.

Source: Newstimehub